News Shots

American growth equity firm General Atlantic will be investing Rs 3675 Crores in Reliance Retail Ventures Limited (RRVL) for a 0.84% stake in it. Reliance Industries also said Silver Lake will invest an additional Rs 1,875 crore into its unit Reliance Retail Ventures (RRVL), a second such deal in a day.

Chemcon Speciality Chemicals and Computer Age Management Services (CAMS) are set to make their debut on the stock market today. Congratulations to all those who got allotment.

Jindal Steel and Power has become one of the first companies to get a steel supplier status from Indian Railways. Indian railways usually gets its steel supply from state-owned Steel Authority of India Limited (SAIL).

The Government extends Bharat Petroleum (BPCL) share sale bid deadline for the fourth time, as there isn’t much investor interest in the company.

Telecom operator Airtel has launched its cybersecurity business Airtel Secure, to help other enterprises tackle problems relating to cybersecurity, cyberthreat and fraud.

Honda Reveals H’Ness 350cc which will compete with Jawa & Royal Enfield. Eicher Motors stock to be in focus.

The Committee of Directors (CoD) at the troubled Lakshmi Vilas Bank has shortlisted three candidates for the post of MD and CEO and the names will be sent to the RBI within a week.

ICICI Bank said spends by its customers have touched 90 per cent of the pre-COVID levels, with travel and tourism being the only affected segments.

Punjab National Bank declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd as fraud (Punjab National Bank and Frauds – Can’t find a better love story!)

State Bank of India said it will raise up to Rs 5,000 crore through debt instruments in the current financial year

India has cut the price of locally produced gas for October 2020-March 2021 by about a quarter to a multi-year low of $1.79 per million metric British thermal units (mmBtu), the government said on Wednesday.

Birla Tyres, which was recently carved out of Kesoram Ltd, is in talks with multiple prospective partners both within the country and overseas for strategic collaboration

Gap Inc. and Arvind Fashions are parting ways, six years after the Bengaluru-based company signed a master franchisee for India and Arvind and US fashion group are currently looking for a buyer for Gap’s India business.

Drug firm Panacea Biotec said it has received a warning letter from the US health regulator for its pharmaceutical formulation facility at Baddi in Himachal Pradesh.

What to expect today?

NIFTY continued to consolidate between 11,200 and 11,300. There were brief scary moments when 11,200 was broken but the market regained and closed strongly above 11,200. Click here for a detailed analysis of yesterday’s market and stock movements.

Bank Nifty was weaker than NIFTY. It gave a larger down movement, broke the day before’s low and took support at 21,150 range.

NIFTY has strongly established 11,180-11,200 as support. So, if that level is broken, the market might fall heavily.

US Markets are up again, in hopes of economic stimulus and as private4 jobs data came out positive. Asian markets are also mostly up. SGX NIFTY is crazily trading at 11,359, which is 105.5 points higher, indicating a gap up in the Indian Market. (SGX Nifty more than 100 points up!)

NIFTY is likely to trade between 11,200 and 11,400 today. There is support at 11,250 and 11,200 and resistance at 11,300 and 11,350.

11,300 will be the next strong resistance for NIFTY. 50 DMA is also present at that level. Let’s see if that acts as support once NIFTY crosses it.